Global Building Automation Systems Market to Be Valued at $91B by 2022, Report Says
The BAS market is growing at 10.7% CAGR, according to research firm Markets and Markets.
PUNE, India – The overall value of the global building automation systems (BAS) market is forecast to reach $99.1 billion by 2022, according to a research report published by Markets and Markets.
The BAS market was valued at $53.7 billion in 2016 and is projected to grow at a compound annual growth rate (CAGR) of 10.7% during the forecast period, 2017 to 2022.
The overall market growth is being driven by the increase in demand for energy-efficient systems, growing need for the automation of security systems in buildings and advancement of the Internet of Things (IoT) in BAS.
Security and access control systems are expected to hold the largest size of the BAS market during the forecast period. The need for increased level of security, activity monitoring and access control has led to the rise in the demand for these systems. The demand for home security solutions is also growing at a rapid pace due to various factors, such as technological advancements, increased crime rates, the need for medical assistance to senior citizens at home and monitoring children at home.
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The commercial application held the largest size of the BAS market in 2016, and the trend is expected to continue during the forecast period. The increased rate of implementation of BAS in large shopping complexes, office buildings and public transport areas such as airports and railway stations is fueling growth of the BAS market for commercial application. HVAC, lighting and security and access control systems are the major products used in the market for commercial applications.
Asia-Pacific is expected to be the fastest-growing market for BAS systems. The market in this region has been further segmented into India, China, Japan and all other areas of Asia-Pacific. The expected growth is attributed to the high economic growth witnessed by the major countries in this region. The rapid growth of the construction industry, in addition to government initiatives, has contributed to the growth of the BAS market in the region.
According to the report, the major companies in the BAS ecosystem include Honeywell, Siemens, Johnson Controls, Schneider Electric, United Technologies Corp., Bosch, Legrand, Hubbell, ABB Lt., Ingersoll-Rand, Lutron, Crestron Electronics, BuildingIQ, among others.
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